The country’s junta government has banned the export of various types of food products to Bangladesh through Maungdoo, Rakhine state of Myanmar. The Southeast Asian country took this step after Sonali Bank of Bangladesh decided to freeze the assets of two large banks in Myanmar. Last Friday (September 8), the Myanmar media reported this information in a report, Myanmar Now. The report said that the export of food products to Bangladesh through Maungdu in Rakhine State. The ban was ordered by the junta government’s Ministry of Commerce on September 1. According to the order, restricted products including rice, beans, peanuts and onions should be sent only through the commercial zone of Sittyu, the capital of Rakhine State. This order will come into effect on September 4. It was also reported at that time. Myint Thura, director general of the trade department of the Ministry of Commerce of Myanmar’s junta, said, Sonali Restrictions imposed by banks may result in product smuggling. Therefore, to prevent smuggling, exports must be done through Situ. Myanmar Now says that junta-controlled financial institutions Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) together had more than 1 billion US dollars in Bangladesh’s Sonali Bank when the assets were seized. Both these Myanmar financial institutions were hit by US sanctions in June this year. Later, Sonali Bank froze the funds of the two institutions. MICB and Sonali Bank first signed an agreement for such transactions in 1995 under Myanmar’s previous military dictatorship, the media said. And as a result, bilateral trade between Bangladesh and Myanmar is quite stimulated. President of the Chamber of Commerce and Industry of Rakhine State Tin Aung Oo said, such restrictions will not have a big impact on the economy of the state, because there are still opportunities to export products through the city. Tin Aung Oo- According to it, the Bangladesh government had earlier this year limited the purchase of essential commodities from Myanmar to prevent the depletion of dollar reserves. As a result, trade decreased at that time. But he said trade had picked up in recent months despite continued restrictions on financial transactions. Referring to the traditional Buddhist festival last April, Tin said trade dropped to virtually zero before Thingyan. From there the business is slowly returning to its previous appearance. Although it is not back to normal. Exports continue for now despite the restrictions. Myanmar Now reports that Myanmar Central Bank Governor Than Than Soe reacted angrily to the Bangladesh government’s decision to freeze Myanmar bank assets held in Sonali Bank. At a meeting in the capital Naypyidaw on August 19, he said he would not remain silent on the incident and would confront Bangladeshi officials. According to reports published in junta-controlled newspapers, Bangladesh’s ambassador to Myanmar had bilateral talks with the country’s military junta chief Min Aung Hlaing on September 6. met to discuss trade and cooperation. According to the data of Janta’s Ministry of Commerce, the total value of goods exported to Bangladesh through Mongdu exceeded 4.5 million US dollars between April and August of this year.
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